Derek

Carr

Carr will make $40 million in 2025 and remain with New Orleans through the 2026 season, per his current contract. The team had a potential out this offseason but it would have incurred a massive $50 million cap hit. Instead, Carr returns to the Saints on a restructured deal to help the organization prepare for the upcoming free agency window.

Though the Saints are stuck with Derek Carr in 2025, Rosenblatt sees New Orleans as a sensible landing spot for Sanders should be fall out of the first five picks. “I think it’s conceivable at this point that Sanders drops out of the Top 5; he would offer the Saints a way out of the quarterback purgatory they’ve found themselves in since Drew Brees retired,” Rosenblatt said. “If Sanders falls to No. 9 and the Saints are high enough on him, it’s worth taking the swing.” NFL evaluators have seemed reticent about Sanders’ arm strength coming out of college, with Cam Ward the clear favorite to go ahead of Sanders in the upcoming draft. Everyone from the Giants to the Titans to the Raiders — and now the Saints — have been linked to Deion’s son, who turned 23 in February. The Saints would likely have to move up two or three picks if they want a real shot at Sanders.

This meeting is less important than a top-30 visit but it is notable nonetheless. Incumbent starter Derek Carr carries a $51.458 million salary cap hit in 2025 and could potentially be a post-June 1 cut to save cap space. The Saints would likely have to trade up for Ward if they want him, as they have the ninth overall pick and are behind other quarterback-needy teams like the Titans, Giants, Jets, Browns, and Raiders.

As NewOrleans.Football’s Nick Underhill notes, new head coach Kellen Moore said the Saints feel fortunate to have Carr. Cutting Carr this offseason would saddle the Saints with $21.5 million in dead cap. Trading him could be impossible as Carr has a no-trade clause in his contract. He could waive the clause but would likely prefer to be cut and hit the open market. That was the road he took out of Las Vegas and is likely the only way he winds up on a new team this offseason. Underhill’s read of the situation has Carr on the team for 2025. Carr played well last year when healthy but only appeared in 10 games. Giving him one more chance makes sense for Carr and the front office given the cap implications of moving on from him right now.

As is frequently the case with Saints contracts, cutting Carr post-June 1st would cost a lot of money; $21.458 million in dead money, to be precise, but the move would also free up $30 million in savings. Moore talked over and over about “going through the process,” but praised Carr’s “journey.” The Saints hold the No. 9 overall pick in the draft and wouldn’t seem to be in position to wind up with one of the top quarterbacks in the draft.

Schefter’s read of the situation is that the Saints don’t want to pull the plug on the Carr contract because it would only save them a couple of million dollars. While that isn’t the entire truth — they could slap a post-June 1 tag on Carr’s release and save $30 million this year while spreading his cap hit to 2026 — it is notable that one of the most-sourced reporters in the industry doesn’t bring up that possibility. Carr would be an uninspiring low-end QB2 for the 2025 season should he remain in New Orleans, even under an actual offensive-minded coach like Kellen Moore.

The Saints still need to hire a head coach, which they are expected to do shortly after the Super Bowl as all signs point to Eagles offensive coordinator Kellen Moore being the man for the job. If the Saints released Carr, it would create a $50.1 million dead cap hit for the season, though it is possible that they could clear $30 million in cap space for 2025 if they release Carr with a post-June 1 designation. In his two seasons with the Saints, Carr has thrown for 6,023-40-13 while appearing in 27 games. Last season, the veteran signal-caller appeared in 10 games while dealing with a pair of multi-game injuries. The Saints, and any other team, likely know what they’re getting in Carr at this point. While he’s never been one to post gaudy passing totals, he’s a capable starter who could help a team in the right situation. He won’t elevate many offenses, but there are several teams he could immediately start for next season if he and the Saints should part ways.

This, for a team that already has a $31.7 million dead money Marshon Lattimore cap hit. Designating Carr a post-June 1 release would be far more palatable, but his entire $51.5 million cap hit would then remain on the books until June, leaving a team currently projected to be $60 million over the 2025 cap with essentially zero flexibility. A standard restructure would free up plenty of space, but then leave Carr with an otherworldly (for him) $69.2 million 2026 cap number. Long story short, the Saints face nothing but hard choices with their failed franchise player. It’s going to be a bumpy offseason in NOLA.

Loomis did balk when asked if the soon-to-be 34-year-old could be brought back at his currently-farcical $51 million 2025 cap number. The problem is moving on from or reducing that number would require all manner of financial gymnastics and kicking the can ever further down the road. At some point, the Saints are going to need to confront both a financial and roster reckoning. There isn’t any juice left to squeeze out of the Carr orange. The situation should gain clarity once a hire is made to replace Dennis Allen’s vacant seat.

“I wouldn’t take anything less to do this. It’s hard enough putting our bodies through it. And you’re trying to get everything you can for your family for it,” Carr added. Carr’s offseason status is an interesting one because the state of his wrist could mean a lot for the Saints. If he cannot pass a physical, his $30 million salary is guaranteed for injury. The Saints, perpetually over the cap, will likely have to restructure his deal to reduce his cap hit of $51.458 million. The Saints could also throw a post-June 1 designation on a release to spread his dead money hit if they so choose. That decision is one that awaits the next head coach of the Saints, whoever that may be.